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An Incomplete Contract Theory of Contract Duration and Specific Investment

Author

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  • Lyons, B.R.

Abstract

This paper develops a theoretical model of contract duration. The model fills a gap in incomplete contract theories, which for the most part assume timeless contracting, or contracts which last for the full life of a specific investment. The model reveals an asymmetry between buyer and seller investment, and the precise sense in which duration can be expected to depend on specific investments. It also addresses the importance of the background legal system.

Suggested Citation

  • Lyons, B.R., 1997. "An Incomplete Contract Theory of Contract Duration and Specific Investment," University of East Anglia Discussion Papers in Economics 9707, School of Economics, University of East Anglia, Norwich, UK..
    • Handle: RePEc:uea:papers:9707
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    More about this item

    Keywords

    CONTRACTS ; INVESTMENTS;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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